From GuruFocus:

Chairman and CEO of Rogers Holdings Jim Rogers spoke with FOX Business Network (FBN) about the United States' deficit and the path the nation and individuals need to take in order to prosper. Rogers said that the U.S. economy will not recover until we "accept reality, stop spending money we don't have, go down to a lower level, and start over." He went on to say that particularly in such an uncertain economy, "you should invest in only what you know, otherwise keep your money in cash."

Excerpts from the interview are below:

On his investment strategies:

"I am long commodities, long currencies, and short stocks. But we will see what happens. You should invest in only what you know, otherwise keep your money in cash. The reason people lose money is because they keep jumping around investing in things they don’t have a clue what they are doing. Normal people should just wait. Wait until there are good opportunities and take advantage of them. There are plenty of opportunities besides banks. Cotton is going through the roof, corn is making all-time highs. Invest in...

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